Robert H. Garick, CPA, LLC is a registrant of the Public Company Accounting Oversight Board that provides assurance services to public or private entities as well as quality review services to other CPA firms. Assurance on financial statements allows businesses to provide users of the financial statements (stockholders, lenders, investors, crerditors, vendors, customers) the benefit of independent certification of financial health. The users of the financial statements have different levels of risk tolerance, therefore we provide assurance services at different levels as follows:
- Audit - An audit provides the highest level of assurance. An audit is a methodical review and examination that involves an in depth look at a business and its environment followed by a review of internal controls, extensive auditing procedures which generally include examination of agreements and documents supporting select transactions, analytical procedures and inquiry of company personnel.
- Review - A review provides less assurance than an audit in the form of negative assurance, which is assurance that nothing has come to our attention that leads us to believe that the financial statements are not free of material misstatement. A review is generally less costly and procedures are usually limited to analytical review, inquiry and review of select agreements.
- A compilation involves presenting financial statements from information you provide. We express no opinion or assurance on the statements.
The decision on what level of assurance, if any, to obtain on financial statements is usually is made in conjunction with the users requirements.